Paragon eyes failing Irish lender

Buy-to-let survivor and former rival has its sights set on CHL’s £6bn home loan deal as the troubled Irish bank looks to sell off its British subsidiaries

CHL’s loan book is in reasonable shape, but its parent company is raising cash (TNL)

One of Britain’s last buy-to-let mortgage lenders is eyeing a bid for a £6
billion block of home loans being sold by a troubled Irish bank.

Paragon Group is running the rule over the remains of CHL, the British
offshoot of Irish Life & Permanent. The business has been quietly put up
for sale after the latest bailout of Irish banks.

During the years of booming financial markets and soaring house prices, the
two lenders were keen rivals. They were among the biggest providers of loans
to a new breed of British property tycoons.

Paragon is one of the few survivors. Only a tiny proportion of its borrowers
have encountered difficulties, allowing it to keep on churning out profits.
Its share price, however, is still about 90% below its pre-crisis high.
Paragon declined to comment.

CHL’s loan book is said to be in reasonably good shape, but its parent company